FORECLOSURE POLICIES Sample Clauses

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FORECLOSURE POLICIES. A. Generally Accounts in respect of which foreclosure proceedings are to be commenced are assigned for foreclosure to ▇▇▇ ▇▇▇▇▇▇ Homes, Inc. ("JWH"). The actual foreclosure process consists of JWH delivering the necessary Account Documents to attorneys in the state in which the mortgaged property is located with direction to foreclose on the Account as quickly as possible. JWH also has counsel in Tampa, North Carolina to oversee the foreclosure activities of all local counsel. In any case in which an Obligor has agreed to surrender the mortgaged property by deed in lieu of foreclosure, Mid-State performs a search of the judgment records on file in the applicable county to determine whether the property is subject to tax or other liens. If there are liens on record, other than tax liens, Mid-State refuses the deed in lieu of foreclosure and, if necessary, initiates foreclosure to acquire the property free of such liens. Accounts recommended for foreclosure are notified that JWH intends to initiate foreclosure or repossession if payment is not made in 30 days. Provided that JWH is the successful bidder at the resulting judicial sale, the relevant JWH Field Representative will be responsible for reselling the repossessed property. The average period elapsed between repossession of a property by JWH and its resale is approximately 30 days. B. Maintenance and Completion of Repossessed Homes Immediately upon becoming aware that a property has been abandoned or vacated or following repossession of a property, the Field Representative will arrange for basic clean-up of the yard and interior of the house as necessary. Periodic inspections of the property are made during the period between repossession and resale to ensure that the property does not deteriorate significantly. The Field Representative will recommend needed repairs to the Regional Supervisor. Generally speaking, repairs necessary to prevent any structural deterioration will be made forthwith. Depending upon the magnitude of interior repairs, such repairs may either be made at once or they may be made a part of the negotiation of the price and terms of the resale contract. Likewise, in the case of a house which was both sold and repossessed in an unfinished state, as a rule no work will be done on the interior to bring it to a higher state of completion except as part of a firm contact of resale. JWH generally does not maintain a Hazard Insurance Policy on each Acquired Property; however, it does pay a...
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Related to FORECLOSURE POLICIES

  • Reports of Foreclosures and Abandonment of Mortgaged Property The Master Servicer or the Subservicers shall file information returns with respect to the receipt of mortgage interests received in a trade or business, the reports of foreclosures and abandonments of any Mortgaged Property and the information returns relating to cancellation of indebtedness income with respect to any Mortgaged Property required by Sections 6050H, 6050J and 6050P, respectively, of the Code, and deliver to the Trustee an Officers' Certificate on or before March 31 of each year stating that such reports have been filed. Such reports shall be in form and substance sufficient to meet the reporting requirements imposed by Sections 6050H, 6050J and 6050P of the Code.

  • Title Insurance Policies The Borrower will deliver to the Administrative Agent a policy of title insurance (or marked-up title insurance commitment or title proforma having the effect of a policy of title insurance) (a “Title Policy”) insuring the Lien of such Mortgage as a valid first mortgage or deed of trust Lien on the Mortgaged Property described therein in an amount not less than the estimated fair market value of such Mortgaged Property as reasonably determined by the Borrower, which Title Policy shall (A) be issued by a nationally-recognized title insurance company reasonably acceptable to the Administrative Agent (the “Title Company”), (B) include such reinsurance arrangements (with provisions for direct access, if necessary) as shall be reasonably acceptable to the Administrative Agent, (C) be supplemented by a “tie-in” or “aggregation” endorsement, if available under applicable law, and such other endorsements as may reasonably be requested by the Administrative Agent (including (to the extent available in the applicable jurisdiction and/or with respect to the Mortgaged Property, in each case, on commercially reasonable terms) endorsements on matters relating to usury, first loss, zoning, contiguity, revolving credit, doing business, public road access, survey, variable rate, environmental lien, subdivision, mortgage recording tax, separate tax lot, and so-called comprehensive coverage over covenants and restrictions) if available under applicable law at commercially reasonable rates and (D) contain no other exceptions to title other than Permitted Liens and other exceptions acceptable to the Administrative Agent in its reasonable discretion;

  • Reports of Foreclosures and Abandonments of Mortgaged Property Following the foreclosure sale or abandonment of any Mortgaged Property, the Servicer shall report such foreclosure or abandonment as required pursuant to Section 6050J of the Code.

  • Insurance Policies Insurance required herein shall be by companies duly licensed or admitted to transact business in the state where the Premises are located, and maintaining during the policy term a "General Policyholders Rating" of at least B+, V, as set forth in the most current issue of "Best's Insurance Guide", or such other rating as may be required by a Lender. Lessee shall not do or permit to be done anything which invalidates the required insurance policies. Lessee shall, prior to the Start Date, deliver to Lessor certified copies of policies of such insurance or certificates evidencing the existence and amounts of the required insurance. No such policy shall be cancelable or subject to modification except after thirty (30) days prior written notice to Lessor. Lessee shall, at least thirty (30) days prior to the expiration of such policies, furnish Lessor with evidence of renewals or "insurance binders" evidencing renewal thereof, or Lessor may order such insurance and charge the cost thereof to Lessee, which amount shall be payable by Lessee to Lessor upon demand. Such policies shall be for a term of at least one year, or the length of the remaining term of this Lease, whichever is less. If either Party shall fail to procure and maintain the insurance required to be carried by it, the other Party may, but shall not be required to, procure and maintain the same.

  • Releases of Mortgaged Properties No Mortgage Note or Mortgage requires the mortgagee to release all or any material portion of the related Mortgaged Property from the lien of the related Mortgage except upon (i) payment in full of all amounts due under the related Mortgage Loan or (ii) delivery of "government securities" within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended (the "Investment Company Act"), in connection with a defeasance of the related Mortgage Loan; provided that the Mortgage Loans that are Crossed Loans, and the other individual Mortgage Loans secured by multiple parcels, may require the respective mortgagee(s) to grant releases of portions of the related Mortgaged Property or the release of one or more related Mortgaged Properties upon (i) the satisfaction of certain legal and underwriting requirements or (ii) the payment of a release price in connection therewith; and provided, further, that certain Crossed Groups or individual Mortgage Loans secured by multiple parcels may permit the related Mortgagor to obtain the release of one or more of the related Mortgaged Properties by substituting comparable real estate property, subject to, among other conditions precedent, receipt of confirmation from each Rating Agency that such release and substitution will not result in a qualification, downgrade or withdrawal of any of its then-current ratings of the Certificates; and provided, further, that any Mortgage Loan may permit the unconditional release of one or more unimproved parcels of land to which the Seller did not give any material value in underwriting the Mortgage Loan.